Australia Focuses on Cryptocurrencies as International Taxes are Investigated ByAli RazaPRO INVESTOR Updated: 06 June 2019 The online cryptocurrency platforms and online crypto trading have been the center of the attention of the Australian Revenue Department as they take a closer look at dozens of international top end schemes designed to evade tax. This investigation is being done on a global level by comparing the information with those countries also looking into the misuse of cryptocurrencies. Tax officials from Australia, Britain, the Netherlands and Canada, known as the J5 tax expert group, met to discuss this matter as a sense of urgency and noted that there were another 50 avenues to be questioned as they look to clear these concerns internationally. Revenue departments from five nations, including Australia, have ramped up their endeavors to earmark the utilization of cryptocurrencies as a means to evade paying tax. The purpose of the J5 Group Formed only just a year ago, the J5 Group was constituted to address the awareness that the misuse of tax evasion, cybercrime, and cryptocurrency was increasing rapidly as the perpetrators capitalized on the national tax regulations that differed between countries. The constitution of the J5 Group has seen more cross-pollination of data between them in the past year that has happened between these countries in the past ten years. Deputy Commissioner of the Australian Tax Office, Wil Day, highlighted that there were currently sixty inquiries and inspections undertaken by the J5 members and that twelve of these, were directly connected to Australia. An international financial organization, together with connected companies were the focus of this investigation as it is suspected that they have been assisting tax paying citizens to conceal their worth and earnings. Mr. Day went on to say that persons who were resident in Australia were assisting and working with people abroad to enable tax evasion – something that is against the law. The J5 Group and the Australian Tax Office together make information that supports the coordination of data directed at tax offenders, available to all partners. The arrest of these offenders is imminent, and as Mr. Day stated, these persons are often the go-between between the person looking to avoid paying tax and an organization based abroad. The attention turns to cryptocurrencies With all attention being focused on online crypto trading and the buying of cryptocurrencies, the Revenue Offices of The Netherlands took it upon themselves to investigate a cryptocurrency service, known as a mixer, by using cryptocurrency funds that are contaminated or detectable with other funds to ensure that the source cannot be traced. The information from these funds is put together using a formula and as a result, linking the transactions to the original and actual owner is virtually impossible. Mr Day said links between cryptocurrency investment and money laundering were a particular concern, with criminals using the online currencies to avoid detection.